Crypto.com, much like Coinbase and other exchanges, supports cryptocurrency staking, but how exactly does it all work?
The process of staking in cryptocurrency is one of the most important aspects of trading that involves locking one's crypto assets to earn rewards on it. As a crypto investor who wishes to earn more, staking can be one such way to acquire bonus revenue in the long run.
Crypto.com, being one of the leading crypto exchanges, also facilitates staking in which the users can simply stake cryptocurrency or make use of CRO, Crypto.com's native token to earn bonus crypto rewards. Here's how it works
What Is Cryptocurrency Staking?
Staking is a process where people lock or contribute some of their crypto holdings to the blockchain network. The method allows users to earn revenue on their crypto holdings that are simply lying in their possession.
Any cryptocurrency that supports Proof-Of-Stake can be staked on various crypto platforms, so long as it is supported.
In addition to this, some users who opt for crypto staking also get supplementary benefits such as voting rights and freedom to participate in key decision-making of the said blockchain/exchange.
Crypto.Com Staking Changes
The exchange has changed its staking rates earlier this month. The exchange will now offer 8% CRO staking rates for private users with 0% maker fees. The new rates will take effect immediately.
Crypto.com is democratizing its crypto trading and has slashed nearly 80% of its trading fee.
In addition to this, the firm is also looking forward to introducing new staking rewards.
Trading fees now start from 0.075% and 0.034% for spot trading. All traders can now attain 0% maker fees.
How To Stake Cryptocurrency On Crypto.com
Here are the steps you need to take to stake on Crypto.com
- In order to stake crypto on Crypto.com, a user must have adequate crypto tokens to begin staking. For example, to stake CRO on Crypto.com, a user must have adequate CRO tokens to commence the staking process
- Once the user has acquired enough CRO tokens, they need to go to the card page on Crypto.com
- Select the desired Crypto.com visa card.
- Tap the stake CRO/crypto button and follow the onscreen page procedures to initiate staking.
Read More: Ethereum Staking: What Is It, And How To Stake Ethereum 2.0
[Image by AltumCode via Unsplash]
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